Bitcoin’s “security budget” is often cited as a potential long-term vulnerability—but how credible is that concern? Roughly every four years, Bitcoin undergoes a “halving,” reducing the reward miners receive for producing new blocks. This built-in mechanism is fundamental to the network’s design, ensuring a predictable and finite supply. However, it also raises a key question: As block rewards continue to decline over time, will miners still be incentivized to secure the network? As the block subsidy declines over time, Bitcoin proponents argue that transaction fees will eventually replace it as the primary incentive ... (full story)